India-based renewable energy company, BLP owns and operates wind plants, which have combined capacity of 172MW, in the states of Gujarat and Maharashtra.
The independent power producer also has portfolio of approximately 600MW of wind projects, which are under different development stages.
Bharat Light & Power Group CEO Tejpreet Chopra said: "This transaction validates the great team, expertise and pipeline built, and provides us the opportunity to build scale given the huge market opportunity.
"It brings together the global expertise of EGP and the local market understanding of the BLP Group.
"Through this partnership, EGP and BLP Group will work towards bringing reliable, sustainable and cost competitive clean energy thereby supporting the Government of India’s clean energy goals."
The acquisition represents Enel’s entry in the Indian renewables market, marking the first move into the Asia Pacific region.
The firm said it has reached more than 10GW of net installed capacity globally with the transaction.
EGP CEO Francesco Venturini said: "This acquisition opens the doors for Enel Green Power to the huge potential of the Indian market and is the gateway to further expansion across Asia.
"We intend to contribute to the Indian government objective of increasing the share of renewables in the country’s energy portfolio. EGP is also interested in participating through BLP Energy in the country’s upcoming public solar tenders at both national and state level."
The acquisition is a part of EGP’s plan to expand its footprint into new markets, including countries in the Asia Pacific region.
India has set a target to have installed 100GW of solar and 60GW of wind power generation capacity by 2022.
In April, Enel and Marubeni signed two-year memorandum of understanding (MoU) to cooperate in evaluating potential development opportunities in renewable energy projects in the Asia Pacific Region.
Image: EGP’s plan to expand its footprint into new markets, including in the Asia Pacific region. Photo: courtesy of graur codrin/ FreeDigitalPhotos.net.
